The best online payment service providers in 2022 look very different to those from just a few years ago. What made the best payment service provider this year and why are there so many changes?
Before we share more, let’s get to know a few facts about the payment service provider business.
The global online payment market will be worth 17,643.35 billion US Dollars by 2027, growing by 23.7% since 2019. (FortuneBusinessInsights)
More and more people are comfortable with online payments for goods and services. COVID-19 forced consumers to stay at home and order everything they need, meaning that online payment providers like ours had to adapt quickly to a rapid rise in demand. At the same time, the demand for cashless payments surged.
What’s best about the best?
Let’s define what we mean by the best. The best payment providers offer a wide range of services for their clients, and custom-made solutions for different needs. In our opinion and experience, this includes:
- Payments Security
- Mobile Money Payments
- Quick, thorough verification process
- Scalability and latest fintech
- Satisfying user experience
- Services for a wide range of industries
- API integrations
Most of providers takes security very seriously and is PCIDSS certified, meaning that we follow best practices, such as installation of firewalls and encryption of data transmissions and sensitive data. Other safeguards include multi-factor data authentication, tokenization technology and 3D security.
The payment service provider you choose must have a core policy of multi-layered security protocols to protect from hackers.
Mobile Money Payments
As economies evolve towards cashless transactions, mobile money payments have become a clear priority. Merchants can add mobile payments to their services with ease and start accepting the payment transactions of the future – mobile money. Payment providers which don’t offer mobile money payments have quite simply failed to adapt.
Quick but thorough verification process
Timing is important in the business world where everything can change quickly and merchants need to move fast to start accepting payments.
The best payment service providers have a quick, accurate and thorough verification process. For merchant accounts, this includes proof of incorporation and proof of domain ownership, among other prerequisites.
Scalability and latest fintech
A merchant account opened today will not have the same needs in a year from today. The merchant’s business and revenues may grow, and payment services must fit the needs of the company.
Satisfying user experience
A payments dashboard must be easy to navigate and only one rule applies for a satisfying user experience: the ability to find what you need, when you need it. Confusing interfaces are a waste of time that nobody needs in their life! The fewer clicks and searching around the better, so we designed our interface for client satisfaction.
Services for a wide range of industries
As online payments become part of our everyday lives, payment service providers have had to widen their offering to include a broad range of sectors. What started with retail merchants has now spread into many other businesses, from Forex and other financial services to professionals like doctors and service providers.
As businesses scale up their online payments, they demand more specialized integrations and custom-made solutions, for example, multi-currency payment accounts. The trend applies to cross-border payments such as foreign currency exchanges and payments from one currency to another. The banking sector has slowly started adopting new technologies and using payment API integrations to service their clients.
In a nutshell, the best payment providers in 2022 need to be agile, quick to adapt, and scalable. Take it from an expert.